China's logistics operation showed a positive trend of stabilization and recovery from January to October this year, according to the data released on Friday by the China Federation of Logistics and Purchasing.
During the period, the total volume of social logistics nationwide was 287.8 trillion yuan (around 39.8 trillion US dollars), a year-on-year increase of 5.7 percent.
In October, the total volume of social logistics also saw an increase of 5.7 percent year on year, the best growth rate since June, indicating that the recovery momentum of logistics operation has strengthened.
"From January to October, the development of logistics was relatively good and continued to recover. The logistics sector is a frontrunner in the entire national economy, so the continued recovery of logistics reflects the further strengthened recovery trend of China's economy," said Cai Jin, vice president of the China Federation of Logistics and Purchasing.
Specifically, the total logistics volume of industrial products maintained steady growth, with more than 80 percent of regions and industries achieving growth.
The demand for manufacturing logistics, represented by equipment manufacturing, remained stable. In October, the total logistics volume of the equipment manufacturing industry increased by 6.6 percent year on year.
The growth of import logistics was also stable, and the import logistics of bulk commodities such as iron ore and coal improved.
Driven by policies such as the trade-in of old consumer goods for new ones, the logistics demand of institutions and residents rebounded significantly. In October, the total retail logistics volume of goods related to offline retail trade logistics increased by five percent year on year. Logistics demand related to the retail sales of household appliances and audio-visual equipment, cultural and office supplies, and furniture products increased by 39.2 percent, 18 percent, and 7.4 percent, respectively, year on year.
"In October, the recovery momentum of logistics operation strengthened, and there has been a trend of stabilization and recovery in multiple fields, with a structural improvement. With the acceleration of production and the approaching of peak consumption season, various departments are stepping up efforts to promote the implementation of incremental policies, which will further release the potential of consumption and provide favorable support for the development of the logistics industry. The further enhancement of production activity and the acceleration of production, as well as the growth of demand, have driven the growth of logistics demand for bulk commodities in the entire import sector and consumer goods related products," said Liu Yuhang, director of the China Logistics Information Center.
In terms of consumer logistics, the release of consumption potential in multiple scenarios has accelerated the recovery of logistics demand of institutions and residents. From January to October, their total logistics volume increased by eight percent year on year. In October, both offline and online consumer demand grew on a monthly basis.
"The logistics industry's supporting role in the entire national economy has been continuously strengthened. It has improved production efficiency and expanded consumption upgrades. The logistics operations in China are showing an overall upward trend," said Jiang Xu, dean of the School of Logistics of Beijing Wuzi University.
China's logistics sector achieves 5.7 pct yearly growth in Jan-Oct period
